Assume the following data for ABC Partnership had the following condensed balance sheet just before the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Assume the following data for ABC Partnership had the following condensed balance sheet just before the liquidation on November 1, 2019: Assets Liabilities and Capital Cash P 24,000 Liabilities P 12,000 A, Loans A, Capital (30%) Non-cash assets 84,000 2,400 9,600 B, Capital (50%) 48,000 C, Capital (20%) 36,000 Total P 108,000 P108,000 Liquidation expenses paid amounted to P1,000. Required: Compute for the total payment for each partner (including loans) using different assumptions: 1. Non-cash assets were realized at P 96,000. 2. Non-cash assets were realized at P36,000. The personal assets and liabilities of the partners on this date are as follows: Personal assets Personal liabilities A P288,000 P240,000 B 216,000 228,000 108,000 108,000 Assume the following data for ABC Partnership had the following condensed balance sheet just before the liquidation on November 1, 2019: Assets Liabilities and Capital Cash P 24,000 Liabilities P 12,000 A, Loans A, Capital (30%) Non-cash assets 84,000 2,400 9,600 B, Capital (50%) 48,000 C, Capital (20%) 36,000 Total P 108,000 P108,000 Liquidation expenses paid amounted to P1,000. Required: Compute for the total payment for each partner (including loans) using different assumptions: 1. Non-cash assets were realized at P 96,000. 2. Non-cash assets were realized at P36,000. The personal assets and liabilities of the partners on this date are as follows: Personal assets Personal liabilities A P288,000 P240,000 B 216,000 228,000 108,000 108,000
Expert Answer:
Answer rating: 100% (QA)
Answer is highlighted in bold Cash distribution to partners a Non cash assets realized for 96000 ABC company Statement of partnership liquidation Cash ... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
A real estate partnership had the following condensed balance sheet prior to liquidation: The percentages in parentheses after the partners capital balances represent their respective interests in...
-
Assume the following data for Interactive Technology and Silicon Software. a. Compute return on shareholders' equity for both firms. Which firm has the higher return? b. Compute the following ratios...
-
Assume the following data for Pet Luggage Company: 1 (Click the icon to view the assumptions.) (Click the icon to view budget information.) Requirements 1. Prepare a cash budget for April for Pet...
-
Show that the rectangular box (including the top and bottom) with fixed volume V = 27 m 3 and smallest possible surface area is a cube (Figure 25). X y Z
-
Assume that the $ 3,500,000 net income reported by Stewart Stamping in E20-4 includes a $ 780,000 loss from discontinued operations, net of tax. In E20-4 Stewart Stamping began the cur-rent year with...
-
I. Describe the six general phases of a traditional SDLC approach and how the waterfall model is applied to the phases. II. Justify the reasons that once a system is implemented, it is often...
-
\(13+4 \times 3^{2}\) Perform the indicated calculation.
-
Slugger Corporation produces baseball bats for kids that it sells for $ 36 each. At capacity, the company can produce 50,000 bats a year. The costs of producing and selling 50,000 bats are as...
-
point(s ) POSE A credit union entered a lease contract valued at $5400. The contract provides for payments at the end of each quarter for 2 years. If interest is 6.8% compounded quarterly, what is...
-
1. Why did VW develop the software in the defeat devices? 2. Has Mllers commitment to maximum transparency helped or hindered the situation? Explain your answer 3. Would you buy a VW car based on the...
-
Suppose that f is a function given as f(x) Step 1: What is f(a+h)-f(a) h Step 2: What is f(a+h)-f(a) h f(a+h)-f(a) h f'(4) = lim A-0 H f(a+h)-f(a) h Step 3: The derivative of the function at a =...
-
A fan that can provide air speeds up to \(30 \mathrm{~m} / \mathrm{s}\) is to be used in a low-speed wind tunnel with atmospheric air at \(23^{\circ} \mathrm{C}\). If one wishes to use the wind...
-
The usage rate D of a component is 200 an hour, the lead time L on a container of the component is 1 hour, and each container holds 22 components. Assuming a policy variable X of 0.21, how many...
-
A sphere of \(30-\mathrm{mm}\) diameter contains an embedded electrical heater. Calculate the power required to maintain the surface temperature at \(89^{\circ} \mathrm{C}\) when the sphere is...
-
The usage rate D of a component is 200 an hour, the lead time L on a container of the component is 1 hour, and each container holds 22 components. Assuming a policy variable X of 0.10, how many...
-
The usage rate D of a component is 200 an hour, the lead time L on a container of the component is 1 hour, and each container holds 110 components. Assum- ing a policy variable X of 0.10, how many...
-
Q3 1 Point The Jetlag Corporation has a central materials laboratory. The laboratory has only two users, the Large Plane Department and the Small Plane Department. The following data apply to the...
-
Portal Manufacturing has total fixed costs of $520,000. A unit of product sells for $15 and variable costs per unit are $11. a). Prepare a contribution margin income statement showing predicted net...
-
On Test C, add 10 points to each score and then divide each score by 3. Compute the new mean and standard deviation. a. What effect did these changes have on the mean? Does this fit with your...
-
You toss a coin four times. What is the probability that a. Exactly three will be heads, b. Fewer than three will be heads, and c. More than two will be heads?
-
A study of college student cell phone use found usage to be broken down as text messaging 82%, phone calls 10%, and Internet surfing 8%. A dorm director asks students to log their use for one day. On...
-
What financial effect will result if the hospital does not work toward those goals?
-
If Elizabeth could earn a 17 percent return on an investment in Hoffman Company stock (or some other company), what would you advise her to do? Explain your reasoning.
-
Why do you think these questions were extremely difficult for Microsoft to answer as the company considered the development of the Windows XP version of Microsoft Windows as a potential capital...
Study smarter with the SolutionInn App